Bridging between Asia and Europe, Turkey has always played a...Read More
MARKET RESEARCH GUIDES
Market research gives businesses essential information on customers, competitors, and market. Most businesses claim to understand the value of this research because they are using this information to sell their product to their clients.
Market research is just as important for international business. And even more so...
International trade and business success depends on many critical factors that require detailed analysis and many of the data that can guide global companies come from international market research.
Market research is important to businesses because it can provide many information regarding the market, competitors and consumers. Businesses depend on market research to help them effectively and efficiently sell their products.
For companies going global, international market research is vital. It is difficult to obtain all the information for the formulation of business plans, particularly sales, marketing and promotion strategies without market research, since foreign markets are unknown grounds to incoming businesses.
Companies wishing to enter new markets in different countries should be quite thorough when doing research on international markets, because you have to determine:
- What you want to accomplish
- What you should not do
- What to avoid to prevent cultural mistakes
What is Market Research, Really?
Market research is a systematic process of collecting, analyzing and interpreting information. The information could be about a target market, consumers, competitors and the industry as a whole. This is the foundation of any successful company. The research has a number of different purposes – from identifying a new market to launching a new business.
Market research helps entrepreneurs make well-informed decisions. It can take the guesswork out of innovation, and funnel resources into ideas and projects that hold the most potential. Businesses at different stages of growth carry out market research for different reasons. There is a list of ways of how businesses can use market research:
- Determine the feasibility of a new business. If market research indicates there’s little or no demand for the product or service, the business is unlikely to succeed.
- Identify and develop potential new markets.
- Keep close tabs on marketing trends and develop strategies on how to stay ahead or adapt to changing market conditions.
- Test the demand for new products or features.
- Ensure optimal product placement – how, when and where should a product enter the market.
- Improve and innovate their business. You can identify issues with certain business aspects such as customer service early. This can help companies overcome costly disruptions later.
- Boost the success of their promotional campaigns. By gauging customer sentiment and understanding the perception of their brand, businesses can better shape their branding and marketing strategies.
How to Build A Dream
Global Business Plan
If you are thinking about starting an import-export business, do some research and ask yourself some key questions to see if a career international trade is right for you.
This workbook helps you to plan your global business truely and deeply. Start turning your dream into a full-time business.
Why Should You Do Market Research?
Unless you have lived and worked in the target country long enough to feel like a local, what you know about the country is almost nil. So everything you need to know to ensure the smooth entry of your business and attract the local customers would come from international market research.
You must understand that the response of other cultures to new products, marketing efforts and even to new businesses would be different. In Africa for example, they think that the image on the product label indicates the content of the package. Thus, when the Gerber baby food series was introduced in the continent, it failed miserably because the label on the bottle shows the image of a cute white baby. Some cultures even find new uses for products that are different to the product’s intended use.
Insightful episodes about international market research
Our videos reveal powerful tips, strategies, and “secrets” for global markets and various products.
Here are the main issues, they will help you in your global trade journey
In this guide, we’re not showing you how to do market research. Also we share some secondary market research articles for you. So let’s look what is secondary market research?
Secondary information is information and data that has been gathered by others and is publicly available either online or offline. This could be data published in newspapers, reports, journals and so on, or information freely available online. The downside is that everyone has access to this information and you have had no control over the collection methods.
Sources of Secondary Market Research
Often referred to as ‘desk research’, secondary market research is best suited for gathering broad insights into market trends. This helps to predict and analyze the current situation in terms of competition. The most popular secondary research sources are:
- Government reports and studies
- Trade or industry-specific journals, magazines, newspapers
- Television and radio
- Academic papers and educational resources
- Literature reviews
- Online articles and case studies
It’s the guide I wish I’d had when I started my global trade journey way back in 2005.
Excited? Here’s what’s in store: